What Just Happened: Gold Surges as Americans Lose Faith The headlines are out: spot gold jumped to $4,343/oz—a fresh record—after the University of Michigan’s final Consumer Sentiment reading for December dropped to 52.9. That’s worse than economists were expecting, and nearly 30% lower than this time last year. Most of the financial press is spinning this as a "mixed bag" because inflation expectations ticked down slightly. But that’s not why gold is soaring. Gold doesn’t care about CPI forecasts—it cares about confidence, and confidence is evaporating. Consumer Sentiment Is Flashing Red Let’s cut through the noise: a sentiment reading of 52.9 is a disaster. For context, these levels are usually associated with recessions or major economic shocks. The consumer—the engine…
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